We have committed to high growth while we consolidate each of our businesses and to that extent we have demonstrated success. While the third quarter shows a growth of 30%, the nine months cumulatively show a growth of 86% on our Revenues and these clearly would not have been achieved if we had not invested heavily into the businesses that demonstrate high growth for the Company.

Correspondingly all of this financial year and into at least 6 months of the next year we continue to remain in Investment Mode. Therefore, it would be unfair to judge UTV on the basis of Net Operating Margins primarily because our first commitment will be to grow them to a critical size that can offer stability and better margins and our second commitment will be to bring about the right operational efficiency once we have demonstrated growth.

date. Without that loss, our consolidated operating margins would have been substantially higher. Furthermore, for a Company with a four channel bouquet, that is less than a year old, I believe we have one of the best cost models and for a startup, our losses are substantially more in control and within budget than any of our peers.

for everyone looking at our Studio Model is to understand the workings and the objective. UTV clearly decided that it wanted to own intellectual property in perpetuity as also be in charge of its own distribution and revenues worldwide. In that context, it is important to understand that the increase in distribution platforms and changing dynamics in syndication of movies have resulted in the revenue exploitation cycle stretching beyond just the first few quarters of release. Therefore to judge the margins over a short term for our Movie Division, which is rapidly growing its movie repertoire, might not give the right perspective.

environment, India Games has grown around 20% quarter on quarter and has witnessed most of its growth contributed from its India operations as it is one of the fastest growing markets for mobile gaming. Ignition continues to focus on its 3 IPs, and we are making good progress for their release plans which I believe, would be the next big quantum jump for UTV. True Games is the start-up and will be in investment mode for another 4 quarters and during this period we are releasing our games on our own platforms.

Furthermore our finance portal www.utvi.com has been rated the No.2 Finance Business Portal in the countrya and our Technology site www.techtree.com continues to be one of the popular websites in the news and media category for technologyb. For a business that has been in operation for just a few months we are pleased that it has reported revenues of approx. Rs 143 million for the 9 month period in such a start-up mode.

While Fiscal 08-09 continues to demonstrate our growth strategy having recorded over 80% growth so far \u2013 we believe that our operating margins don\u2019t necessarily reflect the true potential that this revenue growth symbolizes for the years ahead. And my observations, as well as what the entire Management team is working towards are as follows -

bottom line thus far, primarily because revenue exploitation has been back-ended and the cycle extended. However, we expect that the coming quarters shall witness benefits of larger aggregated library with quality movies in our repertoire. This is expected to reflect a closer to real long-term picture. Furthermore, our Hollywood Movies shall have added impact on the revenues in the coming quarters.

have incubated over the last 18 months and the following year will see the benefits from the games being developed by Ignition, from TrueGames\u2019 Online platforms, distribution and syndication model worldwide and from IndiaGames\u2019 focus on the Indian mobile market and the Games On Demand businesses.

UTV New Media, UTV Games and UTV Global Broadcasting and the group\u2019s indirect subsidiaries Ignition Entertainment Limited, Indiagames Limited, UTV-Motion Pictures (Mauritius), ITNation Media, RB Entertainment, True Games Interactive, GenX Entertainment and UTV Entertainment Television (UETL) andUT V \u2019s television joint ventures Smriti Irani Television Limited and Windmill Entertainment Limited. The Board of Directors in its meeting held today, has taken on record the unaudited